West Loop Sees Sizable Negative Absorption in Q1
Chicago CBD office vacancies increased in the first quarter of 2022 after holding steady at the end of 2021. Cresa reported an upswing to 20.2% from 18.1% the previous quarter, with all building classes showing increases in vacancy.
The negative absorption extended to the West Loop, at least in the Class B space. The Central Loop saw negative net absorption of 439,872 square feet, while the West Loop’s total was 279,513 square feet, counteracted by 421,695 square feet of positive net absorption in the submarket’s Class A buildings.
If 2022 “began ominously in terms of vacancy for the downtown Chicago market,” as Cresa put it, then the story was more upbeat when it came to office investment sales. There were several impressive building sales during Q1 2022, as sales volume reached $951 million of transactions, the highest amount since the second quarter of 2018, reported Cresa.
- ◦Lease
- ◦Sale/Acquisition
